BREAKING

Senate Votes For Fiscal Cliff Compromise

Plan moves to House for Tuesday showdown

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Jan 1, 2013 by Lisa Fine

Staff Writer t

Image: AP

The Senate has overwhelmingly backed a last-minute fiscal cliff compromise.

The deal, passed 89-8, would let taxes rates rise to 39.6 percent from 35 percent for annual incomes of more than $400,000 for individuals and $450,000 for couples. It would delay for two months the automatic massive federal spending cuts known as the "sequester," while lawmakers continue discussing broader deficit reduction plans, news reports say.

The agreement would also raise the estate tax rates for high-value properties and extend unemployment benefits for a year, Politico said.

Senate Minority Leader Mitch McConnell, R-Ky., and Vice President Joe Biden worked out the details of the deal after months of talks between the White House and other lawmakers failed.

Since the deal passed the Senate after midnight on Jan. 1, 2013, and the House had adjourned for the day, the country technically went over the fiscal cliff. But the impact could still be minimal if the House votes for it Tuesday and President Barack Obama quickly signs it into law.

Via Politico and The New York Times

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?	What's your reaction to the compromise reached by Senate leaders and the White House?

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Comments (view in Forum)

Dec '12

PuroChorizo361

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All could've been avoided if successful ppl didn't get to greedy. Something is better than nothing. ; )
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Dec '12

ConserveUSA

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To frankly, all this could have been avoid if Obama was NOT reelected.
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Dec '12

norezen

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@ConserveUSA completely right. But it would have also driven us much deeper into debt. Why don't you try reading a history book before you start talking about debt and deficit?
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Dec '12

ConserveUSA

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@norezen I read REAL History not Conspiracy.
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Dec '12

norezen

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@ConserveUSA Just look at which presidential terms accumulated the most debt and increased the deficit the most.
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Dec '12

norezen

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Its always republicans who screw the economy over. Biggest debts, leave with biggest deficits. Period. Democrats fix it, or at least try to, but generally our country's economic woes are thanks to republicans.
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Dec '12

PNWest

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Obama gave in too much to the republicans but this may be best for the country. If it doesn't pass and we go over the cliff Obama needs to rethink these compromises as he will have a much stronger hand to play with. This is an example of the democrats putting country ahead of party. Happy New Year everyone!
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Dec '12

ConserveUSA

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Happy New Year 2012!!!
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Dec '12

ConserveUSA

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I mean Happy New Year 2013! I am at a party checking my Iphone.
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Dec '12

mtkopf

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Happy and healthy new year to you and your family.
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Dec '12

FollowTheMoney

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Same ole, same ole. Happy new year!
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Jan '13

Sonny

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Unfortunately, you are right, FollowThe$$,---And with the delay in the "sequester" ---we will just be right back in the same situation, 2 months from now...My question to you...Can Washington, DC resolve anything at all these days"???
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Jan '13

FollowTheMoney

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@Sonny I hate to sound like an old sour puss all the time, beating my drum over and over. But as long as the professional politicians in congress continue to put their careers ahead the needs of the nation, it is not possible to solve anything of substance.

In my opinion, it is absolutely critical to take the greed factor of out of the politicians decision making process. Until that happens, all else is trivial. Because everything they do is suspect and tainted by the absence of integrity.

We don't have to like all the decisions congress make, we never will as we are all different, but we do have to trust that the decisions they make are for the good of the nation. That is the mandate of our federal government.
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Dec '12

ConserveUSA

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Come on Little Donkeys (HE HAW), do what the GOP tells you. It is good for the Nation!
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Dec '12

texas_cutie75

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^^^funny^^^ Happy New Year!!
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Dec '12

Bobolinsky

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A two month delay on spending cuts? That's about the time for the debt ceiling negotiations. Yeah...

Get ready for another round of intentional brinksmanship by the Obama Administration.
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Dec '12

Fishbone345

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Happy New Year my friend. I wish the best for you and your family.
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Jan '13

Thunderchicken

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At least they didn't cave on spending...yet.
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Jan '13

Bobolinsky

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@Thunderchicken-- My guess is that we won't get any spending cuts for these tax increases. We might get some with the debt ceiling but the media is going to consider this water under the bridge and any future spending cuts must be part of a "compromise."

In the meantime...

"...a 41:1 ratio of tax increases to spending cuts."
http://www.breitbart.com/Big-Government/2012/...
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Jan '13

Thunderchicken

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@Bobolinsky

Yeah I saw that. Time to write my reps again.
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Jan '13

Sonny

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Oh...Like the republicans never engage in "brinksmanship"?!?!? Yeah, right!
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Dec '12

kathyparsell

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OMG this is scary.. Both party's have found a way to screw us a forth way! Hold on and swallow really big.
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Dec '12

Dan_Tien

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I don't see any mention of capital gains taxes. People like Mitt Romney may think that paying a 14% tax rate is enough, but I don't. Neither do I think that billionaires who pay no taxes are returning the benefits provided them from this country.
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Dec '12

mtkopf

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I would love to see cap gains taxes go up. Maybe have a scaled tax on cap gains like income tax. Say you earn 100k in cap gains you get taxed 10%. You earn $5 mill in cap gains you get taxed 30%.
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Dec '12

mtkopf

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Oh and a happy and healthy new year to you and your family.
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Dec '12

jessejaymes

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Last I read Capital gains would go from 15% to 20%. Big whoop there.
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Dec '12

PoliticalSpice

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@jessejaymes Happy new years to you all!
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Dec '12

jessejaymes

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@PoliticalSpice Same to you. We have 3 hours to go but I imagine you'll be sleeping it off in a cell somewhere by then right? LOL J/K.
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Dec '12

harold_lloyd

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Why are they assuming that the teabaggers will go along, or are teabaggers finally being sent out to sea on an ice floe?
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Dec '12

PoliticalSpice

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Don't need em. Bohner could have passed his proposal taking it to the floor. He didn't want to cause it would have pissed off repubs, but the votes are there. Plenty of dems will vote with some repubs, it will pass, to
My dismay, as i wanted the 50% military cuts.
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Dec '12

ConserveUSA

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@PoliticalSpice I wonder how sober anyone gonna be tomorrow for votes.
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Dec '12

ConserveUSA

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Long Island Tea WOO-HOO!
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Dec '12

jessejaymes

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Big surprise here huh? They came to a point of doing absolutely nothing and now we're supposed to be grateful that they actually did something in 2 hours out of the past 365 days. Amazing how that works isn't it?
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Dec '12

PoliticalSpice

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Govt cann't do much right, at least be happy they gave us a good drama.
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Dec '12

MaxPain

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And of course a Vote for the Raise they so Richy deserve.best Part is now you All can see how much to trust the GOP.
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Dec '12

jessejaymes

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@MaxPain Get this. They don't even have to vote for a raise. It's automatic unless they vote against it. Talk about covering things up so the public don't notice.
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Jan '13

Sonny

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Excellent point, Jesse...This is so frustrating...Grown-A$$ "professionals"---wh o just can't seem to get a damn thing done. Please forgive my anger at these guys, I am just tired of all of this last minute "drama" on each & every issue. I mean its like you said---they had 365 days to do something...and, yet end up (AGAIN) in the final hours...Unbelievable!!
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Jan '13

DARSB

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@MaxPain according to CNN's summary of the Senate version the pay raise is suspended for Congress
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Dec '12

Sabio

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Another steamy pile of dog feces coming from Washington!!! You libs really think oblamey the false prophet has won? The way I see it is all the businesses you just rose the tax rate on are going to recoup that money by raising prices on products the middle class buy! So thanks a lot, you just rose prices (taxes) on the middle class!
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Jan '13

marine1

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this is the way it has worked for years and i'll be damned if anyone want to admit it. I don't understand, our standard of living continues to go down while state and federal goverment income goes up.You can not continue to spend more than you earn, or in the goverments case,"STEAL"
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Dec '12

ConserveUSA

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Is there a deal?
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Dec '12

PoliticalSpice

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Not yet...
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Dec '12

ConserveUSA

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@PoliticalSpice OKay, Happy New Year!!!
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Dec '12

Antiecm

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I still hope the Republicans tell them to go to hell and ride their butts over the cliff and into the ground. Maybe this will wake this country up and they will toss the democrats out of office and disband the entire party.
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Dec '12

ConserveUSA

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I got some Fair & Balance News on FOX that Democrats are fighting among themselves. I say come & join the GOP, We are the American, Fair & Balance Party!!!!
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Jan '13

Sonny

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I"ve got news for you...If things were to fall apart...it won't just be the dems who get tossed out of office---your "do nothing" repubs. are just as responsible for this mess as anyone else....
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Jan '13

Antiecm

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@Sonny Sorry, but I voted for the American. I can tell you an interesting Democrat story if you want. This large company with about 400 plus people there each shift. The top said work was slowing and a down sizing was necessary. Struck me and others as odd that the 122 people that got sent home were all known Obama supporters. Oh well, he will take care of his minions and see they get food stamps and free cell phones and computers. But Human Resources it seems is reporting to employment calls that they were poor workers. An interesting concept. Let the reap what they have sown.
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Jan '13

Sonny

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@Antiecm So you call taking out your political vendettas on innocent rank and file workers "American"... They had the same right that YOU had to vote for the American of THEIR choice, NOT you'rs... See you guys always want to have things both ways.. YOU want to be free to vote for whom ever you choice...But if someone votes the other way...Then you have all kinds of names to call them, and charge that they are "not American" and then want to "punish" them for doing what you have free will to do...What total BS!---Nobody is anybody's "minion" here-- just "Citizens" ---Who, whether or not YOU want to believe it---have the exact same DAMN rights that you have....And if you don't like it...then that's just too Damn Bad...I am tired of you guys thinking that YOU own this country...just more BS!
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Jan '13

Antiecm

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@Sonny Sure a fair election would have gotten us a President we could all be behind. But some feel only Americans should have voted, and only one time per person. Look at some of the mess in Ohio where many cities had more Obama votes by 4 and 5 times than they have registered voters. So what did they do, let Obama make it so voter ID's are not needed. That way maybe no one will know about the illegals voting. So yes sir, I feel that if the President causes hard times to fall on the people, then the people that supported the President in his decisions should be the first to pay. Personally I'll bet they all had great Christmas parties with lots of presents. I feel fine for them and wish them well.
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Dec '12

romanesca

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it's a revolting development. waiting to the very last moment is sickening. vote all the GOP idiot scumbags out of office.
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Dec '12

acchokiefan

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I honestly believe that there are forces (media) that have us SO DIVIDED that not only is it hampering our comeback, but it could lead to civil unrest and even war. I'd like to see MUCH more love and coming together in 2013. The poor people don't have all the money. Ys, there's some freeloaders, but folks when 2% have 70% of all the money and they're not spending it, or even keeping it in The US, well.......THEN WE START OUR OWN ECONOMY. WE DEVALUE THEIR MONEY. IT NO LONGER BECOMES VALID MONEY. MAYBE WE START USING OUR OWN COINS AS DOLLARS. But something has to change.
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Dec '12

ConserveUSA

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Senate will vote 3am or 4am est.
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Dec '12
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Dec '12

ConserveUSA

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OH come on. HE HAW!!!
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Dec '12

ConserveUSA

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Donkeys! Be good now. You will feed... Elephants are your friends!
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Dec '12

DARSB

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Step one.
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Dec '12

NormalFlora

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That's why they call it brinksmanship. No one wants to be the first one to cave, but both parties know they have to.
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Dec '12

Grubby

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All of you who voted for Obama, here it comes. Obama is singing to the American people right now..."You..asked for it, you got it, bend over."
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Dec '12

ConserveUSA

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He celebrating while Americans Suffer.
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Dec '12

ConserveUSA

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President is saying: HE HAW, HE HAW!!!
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What's your reaction to the compromise reached by Senate leaders and the White House?